Iberpay and STET, the international payments specialists, today confirmed that they are working together to establish a bilateral link for the exchange of SEPA payments based on the EACHA interoperability standards.
The provision of reciprocal interconnection services between Iberpay's and STET's respective clearing and settlement mechanisms will allow the two organisations to mutually exchange SEPA compliant payment messages on behalf of their respective clients in a fast, cost-effective and low-risk method.
Iberpay and STET plan to have the connectivity operational for SEPA Credit Transfers by the end of 2009 with the intention to extend the agreement to include SEPA Direct Debits.
José Beltrán, Director for SEPA at STET, comments: "In line with Euro system expectations, our interconnection agreement with Iberpay is part of our mutual endeavour to build broader SEPA reach for banks beyond direct access."
José Luis Langa, Business Development Director at Iberpay, adds: "Through this new partnership with STET we are continuing our mission to provide more reach choices to the benefit of the Iberpay community of banks."
Iberpay was launched in June 2005 to manage the Spanish retail payment system and to process SEPA transactions. It is providing SEPA Credit Transfers, SEPA Direct Debit transactions as well as a suite of value added services.
The new STET system CORE went live in 2008 and operate as a central hub with continuous straight through real time processing. The system is SEPA compliant for both SEPA Credit Transfers and SEPA Direct Debits.